So how big will the cuts be? No way we can go forward without them. Im thinking if we have 30,000 people now we will be down to between 20,000-25,000 so a good 30% headcount reduction.
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Our stock is $5 a share. This is literally the end of halliburton. We will end up bankrupt. Layoffs? This company is gonna be 5,000 employees or less when this is over.
I think they are holding off. Can you imagine what kinda press they would get if they kicked 2,000 people to the curb during this Coronavirus mess. Once it’s cleared up this summer, then the head chopping will begin.
They are so short on cash, it may be better to hold onto people.
Understanding farmout not the problem, paying the employees plus farmout is, maybe it's all a big wright off, still gonna take a hit.
No it makes 100% sense to outsource everything if you are tight in the purse. Why would they pay an in house American machinist $25-$30 an hour to make a part that takes us 4 hours when by outsourcing it can be made for $25 total? They don't care about your loyalty, or your knowledge. They are trying to survive and you don't survive by paying some American shop worker $30 an hour + benefits cost while the machine behind him does all the work so they look at their computer at what bass boat they wanna buy next. This is us trying to stay out of going bankrupt at our Starbucks Coffee stock price. Not you padding what little retirement you have.
Talking about bad management, at DMC got people working overtime on equipment that's not needed, still have contract people working, also a lot farmout still going on should be done in house, just don't make any sense, typical Halliburton politics.
Who cares if they toss them as long as new ones are ordered. That’s not what I’m worried about though. I’m worried they use the Coronavirus mess as extra justification to throw 50% of us out on our cans. No demand because no one is driving coupled with the sand id–ts oversupplying the market equals literally the apocalypse for our industry.
You keep on believing management is telling you your order books look strong.Wait till next year when those same orders are pulled from stock and sc-apped and destroyed so they can write it off the books.Trust me been there done that.I have seen and participated in this process to watch thousands of tools tossed in the trash.
In 2008, Stocks fell under $20 and had significant impact though it was financial crisis. Now its direct Oil pricing add to that virus will impact higher % with market coming down so low when stocks are at ariund $7.
Don't count on that Halliburton has no problem pushing back orders or even cancel, times like this gonna happen.
You can’t compare 2014-2015 to now. We had 80,000 employees then and were way too bloated. We have become way more efficient and lean since then. It will definitely s—, but we aren’t about to lose 50% (15,000) people. We only have around 38,000 total now. As far as capex, we had a meeting today in completion tools and our order book is remaining strong apparently according to management.
2014-2015 was a little over 30,000 folks with stock this low and the Capex being cut dramatically by large corporations it's gonna be ugly soon.
I'm so terrified, this is so scary. I'm sick and have been unable to work for the past several months. My husband has been with the company for nearly a decade and made it through 2014 but time spent is no guarantee. I know so many of you are feeling similar fears, I'm hoping we all can make it through.
Well according to Goldman Sachs, we are planning on cutting cap ex spending more than 20% for 2020 and swiftly reducing headcount. Doesn’t give a number but just figure on a 20% headcount reduction based on those numbers. That puts reductions at around 8,000 people if we currently have 40,000
Washington Post:
White House likely to pursue federal aid for shale companies hit by oil shock, coronavirus downturn
You have a CFO who prides himself on taking quick decisive decisions, I would expect at least some preliminary cuts soon.
Given the pointless pompom shaking email from our fabulous CEO I'm guessing the number is gonna shock the heck outta all of us. I wonder who gets hit the hardest, the field or manufacturing?
Operators in the US are annoucing cuts of 20-40% of their budgets, and that is full year, they already spent a lot these first two months. So its gonna be at least 20% and likely more cut from the field locations.
If you are in manufacturing you are screwed too, expect orders to plummet and CAPEX to be cancelled.
It’s bad! Secret meetings all day today. It’s going to get ugly very fast.
Bring it. I have had enough of this sh!TTY company
They’re about to cut our nuts
They cut 40% in 2009